DealShare CEO Vineet Rao Steps Down, Company Shifts to Hybrid Model for Profitable Growth
- ByStartupStory | August 1, 2023
Vineet Rao, the Co-founder, and CEO of DealShare, a social e-commerce platform backed by Tiger Global, is stepping down from his role as CEO. However, he will retain his position on the company’s board and will assist in selecting his successor, according to an official statement from the company.“In its continuous quest to drive profitable growth, DealShare aspires to pivot to a hybrid online and offline model to enhance its services, increase customer retention, and share of wallet,” the statement read. “As the company embarks on this next phase of growth, Vineet Rao, the current CEO has decided to step down from his role. Vineet will work with the board to help identify the right CEO to lead this mission. He will also continue to work with and advise the board with respect to the new leadership,” it added. This decision comes as DealShare is transitioning from an online-only model to a hybrid model that combines both online and offline operations to drive profitable growth.
Founded in 2018 by Vineet Rao, Sourjyendu Medda, Rajat Shikhar, and Sankar Bora, DealShare is headquartered in Bengaluru and started in Jaipur. The platform, targeted at customers in Tier II and III cities, follows a group-buying approach, offering attractive discounts on bulk purchases. DealShare has raised $393 million from external investors and was valued at $1.7 billion as of February 2022, as per Tracxn data.
The company has a strong focus on supporting local brands from small and medium-sized enterprises (SMEs) through its repertoire of private labels. Small kirana stores constitute a significant portion of DealShare’s customer base.
To lead this initiative, DealShare had appointed Hemant Sood, a former executive from Raymonds Consumer Care. The company has asked its employees to relocate to its offices in Delhi from the Bengaluru headquarters, concentrating on key markets.
DealShare’s shift to the group-buying model adds it to the list of startups that have experimented with this approach in India, following in the footsteps of China’s Pinduoduo. Other startups, like Udaan and Meesho, also attempted a similar model but eventually pivoted to other strategies.
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